Kalyan Jewellers Q4 Concall: Debt Reduction & Brand Expansion in Focus

Brand & Segment Updates • Candere turned PAT positive in H2 FY26 – Q4 Revenue: ₹131 Cr – Q4 PAT: ₹3 Cr – Strong margins supported by 70%+ studded jewellery mix Middle East Business • Q4 Revenue: ₹1,741 Cr • Q4 PAT: ₹21 Cr • Exploring franchise-led expansion with local partners Debt Reduction & Capital Allocation • India non-GML debt reduced by ~₹360 Cr in FY26 • Non-GML debt reduced from ₹1,300 Cr to ₹300 Cr in 3 years • Targeting fully non-GML debt-free status in FY27 Shareholder Return • Dividend recommended: ~₹257 Cr (~20% of FY26 PAT) Key Takeaway Strong balance sheet improvement, profitable scaling of Candere, and expanding international presence support long-term growth visibility.